He added that stock turnover improved by close to 12% over the last quarter, but that the cost of finance remains the first obstacle to expansion in the governorates.
Chamber figures put the number of registered businesses at 41,000, up by 3,400 on last year, most of them in retail and logistics.
The figures in brief
The ministry’s representative stressed that the new rules aim at transparency in the supply chain rather than at fixing prices, and that breaches will go to the Consumer Protection Agency.
Every day of delay in customs release costs an importer more than any tax cut saves him.
The division head said the meeting examined the direct effect of the decision on supply inside the local market, and that the Chamber submitted a detailed memorandum carrying traders’ proposals on the timetable.
What it means for traders
- falling global grain prices among next quarter’s priorities
- A review of the timetable with the trade divisions
- A monthly report to the federation’s board
A number of importers argue that the proposed timetable needs a transition period of at least six months, so that small businesses can adapt their accounting systems.
Mostafa Abdel-Latif
Ahmed El-Shahbandar